FOSTER CITY, CA: January 26, 2021 — Bertram Capital (“Bertram”) announced today that it has made an investment in Phoenix, AZ-based Lectric eBikes (“Lectric” or “Company”), a leading designer and direct-to-consumer retailer of electric bicycles and accessories. Lectric represents the third investment in Bertram’s fourth fund. Terms of the transaction were not disclosed.
“Lectric has become one of the largest and fastest growing e-bike brands in the United States in just two short years. From the beginning, the Company has aimed to deliver high quality, fully featured bicycles at market leading prices. The team at Lectric accomplished this through a novel approach to design, marketing, distribution, and customer support, which has earned it thousands of highly satisfied, loyal customers,” said Ryan Craig, Partner at Bertram Capital. “We are excited to partner with founders Levi Conlow and Robby Deziel and the entire Lectric team. They are pioneers in an industry poised for significant growth.”
Lectric’s bikes feature functional designs, brand name components, and a growing complement of accessories. The XP, Lectric’s flagship model, has been widely praised as the best e-bike under $1,000. The Company sells all of its bike models directly through its website, www.lectricebikes.com. Customer questions and feedback are addressed by a knowledgeable US-based customer service team.
“Lectric represents Bertram’s 26th investment in the ecommerce sector. The Company is a quintessential example of a profitable, entrepreneurial business that is disrupting a traditional industry with innovative products, an authentic brand, and a direct-to-consumer business model”, said Jeff Drazan, Managing Partner of Bertram Capital. “We look forward to deploying our Bertram Labs capabilities to help the Lectric team achieve its full scope of its growth ambitions.”
“Since launching our business, our bikes have primarily been marketed through word of mouth and sold through a simple website that Levi and I created over the course of a weekend. With this investment from Bertram Capital, we are thrilled to have a partner who is a leader in the ecommerce sector and brings the resources to help us achieve our vision of building great bikes for millions of people at accessible prices.” said Lectric co-founders, Levi Conlow and Robby Deziel. “The past year has been truly unique and often challenging for the e-bike industry. Through it all, we have been committed to pairing our bikes with the best customer service in the industry.”
Bertram would like to recognize the investment banking team at Cherry Tree & Associates, led by Chad Johnson, for their efforts in closing this transaction and making this partnership possible.
Lectric eBikes is the among the largest and fastest growing e-bike brands in the United States. It was founded in 2018 by Robby Deziel and Levi Conlow, both 25 years old, who have been friends since childhood. The company is based in Phoenix, Arizona. For more information, please visit the Company’s website at www.lectricebikes.com.
About Bertram Capital
Bertram Capital is a private equity firm targeting investments in lower middle market companies. Since its inception in 2006, the firm has raised over $1.7B of capital commitments. In addition to supplying strategic growth capital, Bertram Capital leverages proprietary processes and services, Bertram High-5sm and Bertram Labs, to empower its portfolio companies to unlock their full business potential. The Bertram High-5sm is an operationally-focused value creation strategy, which includes management augmentation, operational initiative implementation, complementary business acquisition, sales and marketing improvements, and leveraging technology and IP. The cornerstone of this strategy is Bertram Labs, its in-house technology team, which drives growth and value through digital marketing, e-commerce, big data and analytics, application development, and internal and external platform optimization. Visit www.bcap.com for more information.